Bull-Trap Realized, Bitcoin Is In A Precarious Situation!

BYBIT:BTCUSD   Bitcoin / U.S. Dollar
Hi my friends,

Welcome to this analysis about Bitcoin , we are looking at the 4-hour timeframe perspective, as I mentioned in the previous analysis Bitcoin made the all-time-high however to succeed with this all-time-high and move forward with new highs above it Bitcoin had to close remarkably above the previous all-time-high , this does not happen and Bitcoin pulled back two times after it approached this new high area, after the decisive and necessary close was not realized Bitcoin confirmed the major bull-trap I suggested will happen when Bitcoin gets rejected within this new-high-area. Now as this price-action has shown up here there are some significant signs I discovered worthwhile to look at determining Bitcoin's upcoming outcomes, therefore we are looking at all the important levels and likely perspectives we should consider with Bitcoin and its current situation.

As when looking at my chart you can watch there how Bitcoin now realized the major Bull-trap above the all-time-high as it got rejected and moved into testing this first important dashed ascending-trend-line which is the first bullish reference-point in this structure, besides Bitcoin confirmed the second top within the double-top-formation, taking these factors into consideration it is highly likely that Bitcoin firstly shows up with more bearishness especially as Bitcoin is still trading in high overbought-conditions, this bearishness will firstly move below the dashed ascending-trend-line and to test the 120-EMA marked in green after the close below the trend-line showed up, now this will be a crucial point within the structure because when Bitcoin does not hold it and increases with bearish pressure this will give the edge for a more protracted bearish continuation which will fully unleash when Bitcoin moves below the neckline of the major double-top-formation. When Bitcoin shows up with such a price-action it will extremely increase the bearish pace and point to much lower levels in the structure which should not be kept by side and as traders, we should prepare for this scenario properly.

Bitcoin made the new and long-awaited all-time-high almost since 2.95 years however this new high was not sustainable and Bitcoin realized the bull-trap that I already kept an eye on, it was great so see us realizing profits. The next times will show how Bitcoin will pursue further here and how it will increase with bearishness. When this bearish pressure increases remarkably the double-top confirmation will not be far away. This dynamic shows one more time how volatile the cryptocurrency market is and how swiftly it can change direction especially in the ranges trading these times where smart-money operators and market makers noted the possible profitability of cryptocurrencies volatility , this is why it is so important to assess the market in the right manner and do not over speculate it as seen too often these days to line-up consistently and professionally which is building the fundament for achievements in trading, this is also the philosophy the elite channel has its origins and advancements in greatly achieving the proper results within the volatile cryptocurrency market and moving forward as despite the changes within the market.

In this manner, thank you, everybody, for watching this analysis, great contentment for everybody supporting, have a good day, all the best!
"Prospect is the ingredient of good fortune."

Information provided is only educational and should not be used to take action in the markets.
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Comment removed.
atricoz btcbum
@btcbum, This is the exact mindset that led to the general rektage after every crash. You're right about the holding strategy, but doesn't mean it will be always viable. Who sold the 2017 top and bough again in the 3000-5000$ range made way more money that those who just held. Let's see how it will develop in the next days.
+3 Reply
Covax btcbum
@btcbum, a classic noob sentence who buys on highs and sells on lows.

The planet was deprived of work, driven to homes and exchanges, and now they will also deprive the last of their livelihood.
Currently the market is very risky, DXY preparing for big moves, so I advise those with no experience to stay away from trading.
seoco btcbum
@btcbum, I do not fully agree here. For sure you have a point. If you bought in 2015 you have a point. If you bought in 2018 you don't have a point. If you started buying BTC with the dollar cost averaging strategy you also have a point. And yes, you should never sell all you BTC. Most of the people here are clever enough not to go all in or out. You should always trade with maximum 20% of your portfolio and you should also hold x% of cash to enter at a nice level when people are starting to panic when BTC drops 10 to 20% or even more.
@seoco, you added a 0 onto that, and it should be 'only risk 2% of your portfolio'

20% is a lot, 2% of 20% is .4% of your portfolio, you need a massive one to matter. that's like the fees

point being, of course: just stay awake for the next 3 weeks to sell at high lol

also set sell stops
sideways for a month probably
+5 Reply
karl_jr handymann
@handymann, that would be very healthy for the alts
+1 Reply
Post your comments, questions, and ideas about BITCOIN here.
+5 Reply
forexboat VincePrince
@VincePrince, Just great analysis.
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